No reply from FMS???Now what?

[tj34994]

Ok, 2 more days and the 30 days are up. I sent FMS a settlement letter almost 30 days ago, offering what I thought was a good settlement. In this offer I requested they remove their entire entry and also have the OC indicate paid as agreed. Well, I haven't heard from them. Now what? The SOL is up with the OC, and I advised FMS that they had reaged the account. The OC had 10-98, and the CA had 4-99. So not sure what to do next. I gave them 30 days and if I didn't hear from them that I could assume that my offer was not acceptable. :notsure: :confused: I was really hoping to get this one clear.

[admin]

Forgive me if this is an on-going account clean-up, but is this something that you already tried debt validation on and then decided to go debt settlement?

If it is, collection agencies are under no obligation to respond to settlement letters. You may have to call them on the phone.

If you haven't done it, then I recommend going DV.

[tj34994]

This is an account that they did validate. I made an offer but haven't heard from them. Not sure what to do now. I want this off my report. Thanks

Update: Today I received a reply. It said:

This letter shall serve as confirmation that FMS will accept 50% ($167.53) of the balance listed above as settlement in full for this account. FMS is also willing to delete our entry from your credit report upon receipt of this listed payment. We however can in no way effect the entry of the original creditor Bankfirst.

Payment should be mailed to ........blah, blah, blah.

Ok, now what? If I pay this, how do I get the original creditor to update to "paid as agree" or remove the entry. They continue to validate the debt on my CR. The SOL has expired on this account. So can the OC come after me for the balance? I live in FL. Thanks for any help. :)

[Edit by tj34994 on Saturday, October 26, 2002 @ 09:27 AM]

[tj34994]

<blockquote>Originally posted by tj34994
This is an account that they did validate. I made an offer but haven't heard from them. Not sure what to do now. I want this off my report. Thanks

Update: Today I received a reply. It said:

This letter shall serve as confirmation that FMS will accept 50% ($167.53) of the balance listed above as settlement in full for this account. FMS is also willing to delete our entry from your credit report upon receipt of this listed payment. We however can in no way effect the entry of the original creditor Bankfirst.

Payment should be mailed to ........blah, blah, blah.

Ok, now what? If I pay this, how do I get the original creditor to update to "paid as agree" or remove the entry. They continue to validate the debt on my CR. The SOL has expired on this account. So can the OC come after me for the balance? I live in FL. Thanks for any help. :)

[Edit by tj34994 on Saturday, October 26, 2002 @ 09:27 AM]
</blockquote>

This is the first time I've gotten this far and now not sure what to do? Thanks for everyones help. :D

[tj34994]

<blockquote>Originally posted by tj34994
<blockquote>Originally posted by tj34994
This is an account that they did validate. I made an offer but haven't heard from them. Not sure what to do now. I want this off my report. Thanks

Update: Today I received a reply. It said:

This letter shall serve as confirmation that FMS will accept 50% ($167.53) of the balance listed above as settlement in full for this account. FMS is also willing to delete our entry from your credit report upon receipt of this listed payment. We however can in no way effect the entry of the original creditor Bankfirst.

Payment should be mailed to ........blah, blah, blah.

Ok, now what? If I pay this, how do I get the original creditor to update to "paid as agree" or remove the entry. They continue to validate the debt on my CR. The SOL has expired on this account. So can the OC come after me for the balance? I live in FL. Thanks for any help. :)

[Edit by tj34994 on Saturday, October 26, 2002 @ 09:27 AM]
</blockquote>

This is the first time I've gotten this far and now not sure what to do? Thanks for everyones help. :D
</blockquote>

It's been a couple of days since I posted this, so I'm hoping someone will help me.
;) Heeeeeelllllpppp :)

[admin]

I'd take the offer from the CA - it is pretty good. Then with the OC, I'd just keep disputing this with the credit bureaus until it falls off.

[tj34994]

The problem is that they keep validating it with the CRA's. And can't they (the OC) come after me for the balance?

So you think 50% is good?

[Jackal]

I have seen a validation letter but I cannot remember where I saw it. It demands validation, but also has a paragraph for settlement. Satating something to the affect where I will be XX amount ofdollars to clear the notaiton off of my credit report, but am still disputing the amount and demand validation. That way, they have to answer you. If anyone else has seen this letter could you post a link. Thanks

[L]

I too am waiting to hear back from the ca for a chargeoff w/ Sears that I have. It has almost been 30 days since I sent a letter requesting they remove there listing and Sears to "paid as agreed" for payment. Should I call the Ca?

[cookiemnster]

<blockquote>Originally posted by L
I too am waiting to hear back from the ca for a chargeoff w/ Sears that I have. It has almost been 30 days since I sent a letter requesting they remove there listing and Sears to "paid as agreed" for payment. Should I call the Ca?
</blockquote>

The CA's can't update the OC's listing. Only the OC can update that tradeline. That's why you're not responding, you asked them to do the impossible in your settlement offer.

[Jackal]

I hava had luck with simply paying the OC, and asking them to have the CA back off. Couple weeks later, letter from the CA, we are deleting our tradeline from your CR...



[Edit by Jackal on Thursday, January 16, 2003 @ 06:32 PM]

[Anonymous]

The issue with reporting is this, the OC is reporting the acct as a CO in most cases and will either assign the account to an agency to collect or out right seel the acct. If they assign it then any $ paid will go back to the OC and they will update as paid but if they sold the acct then your history with the OC ended as a CO acct and they under most circumstances will not do anything to improve their reporting because the CA is now going to be reporting as paid or settled. You want them to at leaset report as paid and not include the word "settled" or "settled for less than full balance". Keep in mind that if the settlement is more than $500 the CA can issue a 1099 for the difference causing you to report it on your taxes so make sure they are not doing that at the time of the settlement. Always a good idea to get a confirmation letter prior to paying. good luck

[LadynRed]

WRONG INFORMATION - again !!

The limit for issuing a 1099-C is $600 or more, NOT $500. CA's most likely CANNOT issue a 1099-C, that is restricted, by law, to financial institutions, the Fed. gov't. and one or two other buisiness categories and CA's do NOT fall into ANY of them ! The ONLY one, in this case, that can issue a 1099-C is the bank/credit card issuer.

[123rich]

<blockquote>Originally posted by LadynRed
WRONG INFORMATION - again !!

The limit for issuing a 1099-C is $600 or more, NOT $500. CA's most likely CANNOT issue a 1099-C, that is restricted, by law, to financial institutions, the Fed. gov't. and one or two other buisiness categories and CA's do NOT fall into ANY of them ! The ONLY one, in this case, that can issue a 1099-C is the bank/credit card issuer.
</blockquote>

LadynRed is on the loose woot woot...Im going to be hitting you up for some help LadynRed, I know Ill be needing it soon.